Trump faucets pro-Bitcoin Howard Lutnick as Commerce secretary

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Lutnick, a key Trump ally and Bitcoin proponent, is ready to guide the Division of Commerce, specializing in tariffs and commerce reform.

President-elect Donald Trump has chosen Howard Lutnick, CEO of Cantor Fitzgerald, to function Commerce secretary, as announced in a submit on Trump’s social media platform, Reality Social.

Lutnick, identified for his influential function in finance and outspoken assist for Bitcoin and stablecoins, will spearhead Trump’s commerce and financial agenda, together with a proposed 60% tariff on Chinese language items.

“Bitcoin is like gold and needs to be free commerce in every single place,” Lutnick mentioned at a Bitcoin convention earlier this 12 months. “We’ll do every little thing in our energy to make it so.”

Lutnick expressed his assist for crypto in a CNBC podcast final 12 months, emphasizing that he’s particularly a fan of Bitcoin, stating that different cash “are simply not a factor.”

He additionally highlighted his admiration for the stablecoin Tether.

Cantor Fitzgerald, the place Lutnick serves as CEO, is a major vendor buying and selling immediately with the Federal Reserve and has expanded into crypto companies.

The agency manages Tether’s US Treasury holdings that again its USDT stablecoin and not too long ago launched a $2 billion Bitcoin financing operation.

As Commerce secretary, Lutnick will oversee the Division of Commerce’s 13 bureaus, together with the Census Bureau and the Workplace of the US Commerce Consultant.

His duties will embrace advancing Trump’s tariff-heavy commerce insurance policies, selling overseas funding, and negotiating commerce offers.

At Trump’s Madison Sq. Backyard marketing campaign rally final month, Lutnick mentioned the US was most affluent through the early 1900s, when there was “no revenue tax and all we had was tariffs.”